According to a recent Purdue University study, there is an income threshold that an individual must meet in order for life to be more pleasurable. Based on a Gallup Global Poll of more than 1.7 million people, a study found that this income line is around $100,000 per year, especially for people who live in the United States, Australia, or Europe.
Even though the happiness curve flattens as income goes up, the study shows that you still need money to feel happy, confident, and calm. So, how can you increase your earnings? Here are four money strategies to help you make more money this year:
1. Find your unique PQO.
“If you want to become remarkable, you need to figure out the productive outputs that count in your sector or industry,” says Brendon Burchard, bestselling author and high-performance coach.
Focusing on what Burchard refers to as “the prolific quality output” (PQO)—the one item you must constantly generate to take your business to the next level—is one of his keys to tremendous productivity—and making money. A PQO is the soul of your firm, and whether or not you find it will influence how much money you make.
A PQO is the process of contacting prospects for salespeople. It’s creating material every day for entertainers, authors, and vloggers. Athletes can increase their throws, run more kilometers, or swim more laps. You will make more money if you can figure out your PQO and produce more of it.
If you want to be outstanding, you must identify the productive outputs that are important in your sector or industry.” Burchard, Brendon
2. Build strong relationships with everyone:
According to recent Stanford University research, moving from the lowest fifth to the top fifth of your classroom popularity can raise your income by 10%. Another study, conducted by psychologist Richard Wiseman, discovered a high association between luck and the size of one’s network.
After surveying over a thousand millionaires, lottery winners, and happily married couples, They referred to themselves as “people collectors,” and they took advantage of each opportunity to meet new people simply for the sake of having fun.
If you commit to improving your social abilities, you can earn more money. Your network can help you receive media attention, get employed and promoted, and increase your sales. To begin, you first grasp the importance of connections in your life and how they effect your happiness and income, and then you should commit to becoming truly interested in others.
Establish a monthly goal of approaching a particular number of people and make it a habit of following up with these folks. You will have a respectable network at the end of the year, regardless of where you start, and you will feel more confident with others.
3. Be skilled at selling.
Knowing how to sell is a talent that complements strong networking. To persuade others to pay for your products or services and believe in your views, you must become more persuasive—not manipulative, but persuasive.
Almost every millionaire or billionaire who got rich on their own has learned how to sell at some point in their lives. Consider Warren Buffet, Steve Jobs, or the Kardashians. They all know what it takes to persuade investors, establish fanatical communities, or generate enough buzz to keep them in the spotlight for as long as possible.
Get out of your own way and join the masters. Naturally, the procedure will be difficult, and you will suffer rejections (lots of them). When asked what sales suggestion was nearest to his heart, self-made billionaire John Paul DeJoria said, “Seek for rejections.”
DeJoria believes that the most difficult obstacle in practically every business is rejection. If you anticipate this and mentally prepare for it, you will have a much easier time staying positive and finally succeeding. “Frugality encompasses all other virtues.” Cicero –
4. Have sufficient funds to invest.
When it comes to running a business, having a strong idea is just as vital as having the cash to back it up. You can nearly always overcome business challenges if you have enough money, such as by employing the best personnel or obtaining professional guidance.
You’ll also need money to invest in other firms and make the best use of your time. The rich become richer simply because they have the money to invest. That’s all there is to it. To make more money, you must do two things:
Each month, set aside enough money to invest in your business (or other businesses). According to business consultant and bestselling author Ramit Sethi, you should invest no less than 10% of your take-home salary (after taxes).
You must put in more effort. Work harder and set greater goals, and you’ll have more money to invest.
So, where to begin? To begin, learn how to sell. I’ve seen folks with no degree make a fortune simply by being good with people and understanding the principles of good persuasion. If you’re still young, I recommend getting a career in sales and learning by doing—even part-time or summer work will help.
If you can’t, I recommend picking three sales or persuasive books of your choice and studying and implementing everything in them everywhere you go. It will take some time and practice, but you will eventually reap the benefits.